Breaking: Ethereum surges to new all-time high following Powell's dovish hints
- Ethereum crossed the $4,800 mark for the first time in nearly four years after Fed Chair Powell's dovish remarks at Jackson Hole.
- ETH has risen over 100% since June, spurred by $9 billion ETF inflows and 3 million ETH acquisition from DATs.
- ETH is on the verge of validating another bullish pennant after tapping $4,800.
Ethereum (ETH) surged to a new all-time high on Friday, crossing $4,868 for the first time since November 2021, according to data from crypto exchange Binance.
The top altcoin's surge follows Federal Reserve (Fed) Chair Jerome Powell's dovish hints at the Jackson Hole Economic Symposium on Friday. "Shifting balance of risks may warrant adjusting policy stance," said Powell, hinting at a potential rate cut in the Fed's next policy makers meeting in September.
Ethereum has now surged more than 100% since July, and more than 200% since early April after it tagged $1,500.
Institutional and corporate treasury accumulation boosts Ethereum's narrative
The top altcoin's explosive growth has also been heavily influenced by sustained accumulation from digital asset treasuries (DATs) and institutional investors.
Since early June, corporate ETH treasuries have acquired nearly 3 million ETH, led by Thomas Lee-backed BitMine Immersion (BMNR) and Joseph Lubin's SharpLink Gaming (SBET), according to data from the StrategicETHReserve.xyz.
On the institutional side, US spot Ethereum exchange-traded funds (ETFs) have pulled in over $9 billion since June, nearly three times their lifetime cumulative net inflows before the month, per SoSoValue data.
The trend shift in Ethereum comes on the back of regulatory progress, with the US Securities and Exchange Commission (SEC) providing clarity on liquid staking and the passage of the stablecoin-focused GENIUS Act
Thomas Lee predicts the "financialization of everything," describing Ethereum as "the rails for that future."
Last week, Standard Chartered analysts revised their year-end target for ETH to $7,500, citing institutional demand and regulatory progress.
(This story is breaking news and will be updated shortly)
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